How It Works
Typically, we recommend carrying out executive benchmarking on an annual basis. But understanding your ‘why’ is the perfect place to start at any point.
Initially, our reward team will discuss the purpose of the benchmarking exercise with you. We want to understand if you are looking to benchmark salaries to ensure competitiveness or to help retain the leadership team.
We would discuss the objective of the exercise, including what you looking to present to the RemCo.
Next, we find out where you typically recruit from and where your employees tend to go when they leave the organisation. This allows us to source the most relevant market data. Once we’ve settled on the best source, we would ask you to send job descriptions for all the executive roles you are benchmarking. This would then go through a job evaluation process.
Following all the evaluations, we would run a calibration session with your team to confirm all the evaluations, and then we would benchmark the roles against the market data for base salary and target total cash.
At the end of the exercise, our team will present you with a full report including:
- Data for all of the roles
- Our methodology
- An executive summary
A communication plan is the critical next step for the successful implementation of any new pay bands or salary adjustments. We offer different reward communications packages to suit your needs and help communicate your policies and processes clearly and honestly to employees.